Hanjin bags $450M newbuilding contract

The ships capable of carrying 5,000 twenty-foot equivalent units are being made for European companies. The contract is the first signed by HHIC-P since last year.

Demand for newbuildings is soft due to the global economic crisis which has pushed shipowners to idle ships or cancel orders for newbuildings.

“Based on recently dramatic improvements in cost-competitiveness, HHIC-P’s Subic Shipyard has finally been able to win this bid,” the shipbuilder said in a statement. “Good news may come soon as we continue to negotiate with some other companies.”